# Pzena Investment Management LLC

> Pzena Investment Management LLC is an SEC-registered investment advisory firm in New York, NY, registered since 1995, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 106847
- Filed as: PZENA INVESTMENT MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/106847
- AdvisorCensus page: https://advisorcensus.com/firm/pzena-investment-management-llc-new-york-ny-106847

## Quick answers

**How is Pzena Investment Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Pzena Investment Management LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Pzena Investment Management LLC located?**
Pzena Investment Management LLC's principal office is in New York, NY, according to its Form ADV.

**Is Pzena Investment Management LLC registered with the SEC or a state?**
Pzena Investment Management LLC is an SEC-registered investment advisory firm, registered since 1995. Status as filed: Approved. CRD 106847.

**How much does Pzena Investment Management LLC manage?**
Pzena Investment Management LLC reports $81,440,877,143 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (99% discretionary).

**How have Pzena Investment Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Pzena Investment Management LLC: Regulatory assets under management: $41,135,560,953 in the October 2021 data and $81,440,877,143 in the October 2026 data, up 98%. Total employees: 127 in October 2021 and 164 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Pzena Investment Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (53); corporations or other businesses not listed above (45); high net worth individuals (36).

**Which custodians does Pzena Investment Management LLC use?**
Pzena Investment Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Securities, Inc. and The Bank of New York Mellon as custodians holding 10% or more of its separately managed account assets.

**Does Pzena Investment Management LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/106847

**What changed in Pzena Investment Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 51 to 55. Regulatory assets under management went from $63,691,370,902 to $81,440,877,143 (+28%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- State Street Securities, Inc.
- The Bank of New York Mellon

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $81,440,877,143
- Discretionary: $80,571,190,993
- Non-discretionary: $869,686,150

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 8 | $3,365,611 |
| High net worth individuals | 36 | $100,736,927 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 19 | $24,391,513,242 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 53 | $35,841,610,521 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 23 | $3,143,988,251 |
| Charitable organizations | 21 | $419,115,151 |
| State or municipal government entities (including government pension plans) | 29 | $14,484,449,733 |
| Other investment advisers | 4 | $1,204,683,412 |
| Insurance companies | 6 | $572,606,918 |
| Sovereign wealth funds and foreign official institutions | 1 | $198,996,181 |
| Corporations or other businesses not listed above | 45 | $1,079,811,196 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1995 (30 years)
- Employees: 164 total, 55 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, CA, CT, DE, FL, IL, LA, MA, MI, MN, MO, NH, NJ, NY, OH, PA, TX, VA, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [pzena.com](https://pzena.com)
- LinkedIn @pzena-investment-management
- X @PzenaInvstmtMgt
- YouTube @pzenainvestmentmanagement6412

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $41,135,560,953 | 127 | March 30, 2021 |
| October 2022 | $50,648,280,816 | 146 | April 12, 2022 |
| October 2023 | $49,298,577,287 | 148 | March 29, 2023 |
| October 2024 | $58,864,978,960 | 156 | March 28, 2024 |
| October 2025 | $63,691,370,902 | 159 | May 20, 2025 |
| October 2026 | $81,440,877,143 | 164 | March 30, 2026 |

Regulatory assets under management: $41,135,560,953 in the October 2021 data and $81,440,877,143 in the October 2026 data, up 98%.
Total employees: 127 in October 2021 and 164 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 51 to 55.
- Regulatory assets under management went from $63,691,370,902 to $81,440,877,143 (+28%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pzena Investment Management LLC (CRD 106847): Form ADV filing data as of October 2026.